promissory note

promissory note,

unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. The holder of a note made payable to bearer may transfer his rights to another by delivery of the note. If the note is payable to order, it may be transferred by endorsement and delivery.

Promissory Note

(in Russian, soto-veksel’), a written promise of payment bearing only one signature—that of the person owing the payment. In Russian, a simple bill of exchange (prostoi veksel’) is also called a promissory note to distinguish it from a transferable bill of exchange (perekhodnyi veksel’).

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